So you say you want to apply for a quick loan?

Unfortunately, banks don’t just hand out cash to anyone. Prior to approval, the banks will need to vet you and make sure that you’ll be handle paying back the loan. If you’ve been defaulting all over place, you better believe that you won’t get a loan any time soon.

However, if you follow these simple tips you can slowly build your way towards becoming a good candidate for a quick loan:

1. Build a good credit history

Don’t expect lenders to fall all over themselves to lend you money if you continually pay late on your current loans or debts. It’s even worse if you’ve defaulted on any debt, then you really won’t have the credit score you need for a good loan. However, don’t fret—you don’t have to be perfect to get approval for a loan. You just need to establish a history of making payments on time and demonstrating an ability to handle making those payments.

2. Maintain an above average credit rating

Hand in hand with the credit history, you’ll want your credit rating to be at least average or above average to expect a decent chance of approval on loans. Bankruptcy, defaults and even late or missed payments will all ding your credit rating. All of which you can recover from, but you need to give it time and demonstrate a better ability to handle to money.

Or if you’re just building your credit rating, then make sure you handle your money carefully and don’t rack up a bunch of debt on your credit cards. You’ll want to do everything you can to keep your credit rating at a good score.

3. Meet the loan criteria

This means exactly what you think—don’t apply for a loan that requires an excellent credit rating if you have subpar credit. You’ll need to look around and see what’s out there and realistically you probably won’t get the best interest rate. But don’t despair there are cash loans out there for you.

But do yourself a favour and look through the FAQs and/or the loan requirement list of any lender you’re considering. If you can check off each box, then go for it.

4. Show you can keep a job

Lenders want to see that you’re not going to up and quit your job, making it hard to make your payments. They will want you to have a good six months or more at a job. The longer you’ve been with a good, steady job, the better it will look on your loan application. Job stability equals steady income, which equals ability to make loan payments.

5. Try to establish a good debt-to-income ratio

If you’re drowning in debt, we can understand why you’re looking for a loan. However, a small personal loan might not be what you need at this point in your financial journey. Perhaps consider a debt consolidation loan that might get you onto the right track. (If it’s less than $5,000 than you should check out our loans that could have you down to one payment and a set timeline for debt freedom.)

However, if you only have a bit of debt, then you should be good to go. Lenders don’t mind debt as long you have income to demonstrate an ability to continue to pay off the debt.

6. Apply for the right amount

Don’t go crazy with the amount you ask for on your personal loan. The smallest possible amount you can apply for that will help you out is the best answer. And even if the lender offers more, don’t be greedy. The smaller the payment, the easier it will be to make that payment and maybe even extra payments that will allow you to actually achieve your financial freedom.

7. Get your paperwork in order

Beyond filling out the application, most lenders will require paperwork to validate you, your income and other personal information. It’s a good idea to make sure you have access to important documents as you do your loan application. In order to speed up your application, you will want to be able to provide documentation quickly so you don’t want to spend days fumbling through the boxes in your closet.

8. Don’t rush the application

Don’t be in such a hurry to turn in an application that you screw up any of the details. It’s important that you don’t accidentally fill in the wrong number for your bank account, or worse, put in an extra number for your income. Or perhaps even a simple error like reversing the number on your new address. Any of these issues could delay or even create a case for denial of your loan application. Double check your application, and you should be good to go!

9. Make sure you can make the payment

Before you agree to any loan, you should double check that with the interest calculated that you can make the final estimated payment. It’s better to keep searching for a loan than take a payment that will be a struggle the whole time. Check your budget, do the calculations and try to make sure the payments are made on the days you receive your paycheck. Automatic payments are your best friend in this situation so it’s deducted when you get your check and then it’s paid immediately.

10. Don’t ask everyone in town for money

Sometimes it isn’t always a case of “if at first you don’t succeed, try, try again.” In the case of loan applications, you really want to do your homework and be pretty positive that you will get loan approval before you apply for a loan. Because each time your credit is checked, you take a hit on your points. So keep that in mind and be sure to find a lender that you believe will work for your situation.

We here at Swoosh Financial understand everyone is at different points in their financial journey and we are here to help along the way. If you need a small quick cash loan, check out our criteria and loan application. We just might be the answer!